Morristown, TN
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
moderate
Price to income
3.41×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs Tennessee
- 3.49×-0.09
- vs U.S.
- 3.43×-0.02
Benchmark
ACS median home value ÷ median HHI
comfortable
Rent to income
23.4%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs Tennessee
- 24.3%-0.8
- vs U.S.
- 23.3%
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
deal-by-deal
Cap rate proxy
4.47%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs Tennessee
- 4.45%+0.02
- vs U.S.
- 4.35%+0.12
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
steady
Net migration
+0.24%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Tennessee
- 0.15%+0.10
- vs U.S.
- 0.03%+0.21
Benchmark
IRS net migration ÷ population
normal
Permit pipeline
4.68
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs Tennessee
- 5.07
- vs U.S.
- 3.52+1.16
Benchmark
Census BPS permits TTM ÷ population × 1,000
healthy
Unemployment
3.3%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Tennessee
- 3.4%-0.1
- vs U.S.
- 3.9%-0.6
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+70.2%
homeValues.yearOverYear
+6.2%
Median home value
$198,000
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $887 | $10,644 | 18.3% |
| 2 BR | $1,135 | $13,620 | 23.4% |
| 3 BR | $1,444 | $17,328 | 29.8% |
Labor market direction
Unemployment
3.3%
Median household income
$58,130
What's being built
Total TTM
670
+3.6% YoY
Single-family
616
2–4 unit
54
5+ unit
0
All 3 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Hamblen County | 64,531 | $188,800 | $52,794 | 282 | +8.9% |
| Jefferson County | 55,017 | $210,000 | $63,084 | 329 | +0.3% |
| Grainger County | 23,648 | $172,000 | $51,351 | 59 | -3.3% |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Morristown | 143,196 | $58,130 | 3.41× | 4.47% | +70.2% | 4.68 | 3.3% |
| Rocky Mount, NC | 144,082 | $57,437 | — | — | +52.7% | — | 4.8% |
| Wheeling, WV-OH | 139,287 | $58,705 | — | — | +35.3% | — | 4.5% |
| Florence-Muscle Shoals, AL | 151,599 | $58,049 | — | — | +64.6% | — | 2.5% |
| Dothan, AL | 150,969 | $56,772 | — | — | +49.1% | — | 2.3% |
| Sumter, SC | 136,362 | $55,990 | — | — | +51.6% | — | 6.0% |
Where people are moving in from
Net migration
+347
+0.24% of population
| Origin county | Tax returns |
|---|---|
| Knox County, TN | 570 |
| Sevier County, TN | 437 |
| Jefferson County, TN | 395 |
| Hamblen County, TN | 377 |
| Cocke County, TN | 196 |
| Grainger County, TN | 176 |
Who lives in Morristown
- Median age
- 42
- Bachelor's+
- 20.5%
- Owner-occupancy
- 70.9%
- Vacancy rate
- 11.2%
- Rent burdened (30%+)
- 40.7%
- Median household income
- $58,130
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.